Latest news and updates

18th Dec, 2018

Nifty settles above 10,900 mark; Sun Pharma, Bajaj Finance stocks lead

Published on: 3:33 pm

  • Equity benchmark indices ended higher for the sixth consecutive session in today’s trade. The rally was led by ICICI Bank, RIL, L&T, and SBI.
  • Except IT sector automobiles, banks, energy, metals and pharma, among others ended in the green.
  • The Sensex ended up 77 points at 36,347, and the Nifty gained 20 points at 10,909. The market breadth was positive as 1,416 shares advanced, while 1,117 shares declined and, 160 shares remained unchanged.

Crude oil slips over 4% on MCX

Published on: 3:30 pm

  • MCX crude oil is down over 4% on MCX in Tuesday’s session.
  • The fall is on the back of greater supply from the US. Read more. 

Ashoka Buildcon subsidiary raises Rs150cr from Morgan Stanley India Infrastructure

Published on: 3:20 pm

  • Ashoka Buildcon (ABL) has announced a Rs150cr investment commitment into its city gas distribution (CGD) business Unison Enviro Private Ltd (UEPL) by Morgan Stanley India Infrastructure (MSII). UEPL builds and operates CGD networks across cities and towns in India.
  • The company's unexecuted Engineering, Procurement & Construction (EPC) order book stands at Rs9,763.70cr as on September 30, 2018. Read more. 

Dilip Buildcon gains after arm gets appointed with NHAI

Published on: 3:15 pm

  • Dilip Buildcon in its filing to the exchanges on Tuesday informed that the company’s subsidiary, DBL Chandikhole Bhadrak Highways Private Limited, has received appointment date with the National Highways Authority of India on December 16.
  • Reacting to this, shares of the company rose 0.5%. Read more. 

Sensex, Nifty off day’s low; Zee stock drops over 7%

Published on: 2:35 pm

  • Equity benchmark indices erased morning gains and trading flat in the afternoon trade with Nifty above 10,850 level.
  • The Sensex up 13 points at 36,271, while Nifty is marginally up four points at 10,892. About 882 shares have advanced, while 811 shares declined, and 366 shares remained unchanged.
  • Shares of Zee Entertainment Enterprises dropped over 7% after BofAML downgraded Zee to ‘underperform’ with a target price at Rs375.  

European shares dive tracking global cues

Published on: 2:35 pm

  • Equity benchmark indices in European markets were trading in the red on Tuesday following a sharp sell-off in the US and Asian equities.
  • The MSCI Asia Pacific Index, the Stoxx Europe 600 Index, and the MSCI Emerging Market Index dropped the most with the S&P 500 Index plunging to its lowest close in 14 months on Monday. Read more. 

Skipper bags orders worth Rs150cr for Telecom towers

Published on: 2:25 pm

  • Skipper Ltd has secured new orders worth Rs150cr for 2,500 numbers of towers from various telecom operators.
  • A bulk of these would be adding to the upgradation of the telecom infrastructure in Eastern India. Read more. 

Rupee at one-week high; appreciates 64 paise

Published on: 1:46 pm

  • The Indian rupee touched a one-week high and appreciated 64 paise against the dollar in the afternoon session on Tuesday at 70.92/$, successfully breaching the key level of 71/$.
  • The gain in the currency was on the back of declining oil prices and a weak American greenback against its major peers. Read more. 

Nifty PSU Bank index gains; Union Bank of India up 3%

Published on: 1:30 pm

  • The Nifty PSU Bank index gained for the sixth consecutive session in an otherwise weak market.
  • The index has been rising since Shaktikanta Das was named the 25th governor of the Reserve Bank of India last week after the sudden exit of former Governor Urjit Patel. Read more. 

Nifty hovers around 10,850 mark; Yes Bank, Tech Mahindra stock down

Published on: 1:11 pm

  • Benchmark indices are continuing to trade lower during afternoon session.
  • The Sensex is down 90 points at 36,179, and the Nifty down 31 points at 10,857. The market breadth is narrow as 864 shares advanced, while 802 shares declined and, 393 shares remained unchanged.
  • The local unit gained further as it is trading at day's high level around 71.18/$.

Gold prices slip today amid strong rupee

Published on: 12:45 pm

  • Gold prices were trading on a flat note in Tuesday’s morning session as investors are waiting for US Federal Reserve’s monetary policy decision.
  • The Fed Reserve will hold its final policy meeting of 2018 on Tuesday and Wednesday. Read more. 

Nifty Media index underperforms; Zee stock drops 5%

Published on: 12:25 pm

  • The Nifty Media index extended its losses in today’s trade. The index fell over 2.8% to 2,523. Zee dropped 5% and was the top loser on the Nifty50 index.
  • UFOTV TodayJagranDish TV fell over 2-1% each on the NSE. TV18 Broadcast and Network18 were also among the underperforming stocks in today's session.
  • On the flip side, Eros Media, DB Corp, Sun TV, and Inox were trading in the positive territory. Read more

M&M gains 1% on subscription of Sampo's shares

Published on: 12:18 pm

  • Shares of Mahindra & Mahindra were trading 1% higher on Tuesday after the company signed a share subscription agreement with Sampo Rosenlew Oy, Finland.
  • Accordingly, the company has agreed to subscribe to 822 equity shares and 192 compulsorily convertible preference shares of Sampo Rosenlew Oy. "Pursuant to this, the voting rights of the company in Sampo would increase from 35% to upto 49.04%," the company said in a press note after market hours to the exchanges on Monday. Read more

Bombay Dyeing rises 5% as board gives nod for closure of subsidiary

Published on: 11:45 am

  • Shares of Bombay Dyeing & Manufacturing Company were trading 5% higher on Tuesday after the company’s board approved a proposal for closure of its subsidiary PT Five Star Textile Indonesia.
  • "The Company has given its consent by signing the Shareholder's Resolution of its subsidiary in Indonesia, i.e., PT Five Star Textile Indonesia on Dec 17, 2018, for the closure of the same," the company said in a press note after market hours to the exchanges on Monday. Read more

Nifty near day's low; Media index underperforms

Published on: 11:16 am

  • Equity benchmark indices were trading in the negative zone on Tuesday, with Sensex slipped 182 points at 36,088. The Nifty50 is trading lower by 57 points at 10,831.
  • Zee, UPL, Infosys, and Tech Mahindra were the top losers, while Sun Pharma, M&M, L&T, and JSW Steel were the top gainers on the NSE.
  • Nifty Media was the underperforming sector, down 2% dragged by Zee Entertainment, DB Corp, Jagran Prakashan, UFO Moviez, and PVR.

Indian Hotels stock gains after block deal

Published on: 11:09 am

  • Shares of Indian Hotels gained 2% on the BSE in morning trade after the company witnessed single block deals. ~10 lakh shares changed hands in a block deal on the NSE.
  • Indian Hotels Co Ltd is currently trading at Rs150.50 up by Rs3.25 or 2.21% from its previous closing of Rs147.25 on the BSE.
  • The scrip opened at Rs146.80 and has touched a high and low of Rs151.50 and Rs146.80 respectively. Read more

Nifty IT index falls 1% on rupee appreciation

Published on: 10:55 am

The Nifty IT index was trading 1% down in Tuesday’s morning session as the Indian rupee extended its gain for the second straight trading session. Shares of MindTreeInfosysWipro, and Tech Mahindra led the index’s fall. Read more

Glenmark gets USFDA nod for Fluocinolone Acetonide oil

Published on: 10:44 am

  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Oil, 0.01% (Ear Drops), a generic version of DermOtic Oil, 0.01% (Ear Drops), of Hill Dermaceuticals, Inc.
  • According to IQVIA sales data for the 12-month period ending October 2018, the DermaOtic Oil,0.01% (Ear Drops) market achieved annual sales of ~$18.1mn.
  • Glenmark’s current portfolio consists of 146 products authorized for distribution in the US marketplace and 54 ANDAs pending approval with the USFDA. Read more

Graphite India rises ~1% after Bengaluru plant gets KSPCB approval

Published on: 10:36 am

  • Shares of Graphite India rose in the morning trade on the BSE after the company said its Bengaluru graphite electrode plant received "Consent for Operations" from the Karnataka State Pollution Control Board.
  • The Karnataka State Pollution Control Board (KSPCB) has allowed the company to resume operations at the Bengaluru graphite electrode plant until June 30, 2020.
  • The KSPCB has renewed the "consent for operations" on the condition that Graphite India will shift the unit from the current location. Read more

Rupee gains 26 paise ahead of Fed decision

Published on: 10:27 am

  • The Indian rupee extended its morning gain against the greenback on Tuesday, as dollar remained under pressure ahead of Federal Reserve meeting starting later in the day.
  • The rupee was trading at 71.28 a dollar, up 26 paise. The yields on the 10-year government bonds fell 0.42%. Read more

JLR said to have roped in Boston Consulting Group to bring in £2.5bn cost reduction

Published on: 9:45 am

  • British luxury carmaker Jaguar Land Rover (JLR) owned by India’s Tata Motors Limited (TML) has charted a turnaround plan worth £2.5bn for saving costs to that extent over next two years.
  • According to media sources, JLR has hired Boston Consulting Group (BCG) to advise on the turnaround plan. Read more. 

Nifty slips below 10,850 mark; HPCL, Tata Motors stocks gain

Published on: 9:20 am

  • Equity benchmark indices snapped five day’s winning streak on Tuesday amid a sell-off in global markets ahead of the US Federal Reserve monetary policy meeting.
  • The Sensex dropped 165 points at 36,104, while the Nifty is down 50 points at 10,837. The market breadth was negative as 588 shares advanced, while 881 shares declined, and 599 shares remained unchanged. Read more

US private equity firm Carlyle likely to buy a strategic stake in SBI Life

Published on: 9:11 am

  • Private equity firm Carlyle is a frontrunner to buy stake in SBI Life Insurance, according to Economic Times. BNP Paribas Cardif is mulling to cut its stake in SBI Life to meet regulation for minimum public shareholding.
  • Apart from Carlyle, other private equity firms like KKR, Temasek Holdings are also in talks to buy stake from BNP Paribas Cardif. Read more

Glenmark to start phase II of GBR 1302 in breast cancer

Published on: 9:00 am

  • Glenmark Pharma has announced it has presented new pharmacokinetic data on GBR 1302, from the ongoing Phase 1 trial at the European Society for Medical Oncology Immuno-Oncology (ESMO-IO) Congress 2018 in Geneva, Switzerland.
  • GBR 1302 is Glenmark’s lead immuno-oncology candidate which is currently in a first-in-human trial to determine maximum tolerated dose (MTD) in an all-comers population of patients, with a variety of HER2 positive cancers. Read more. 

ABB to sell power grid division to Hitachi for ~$7bn

Published on: 8:58 am

  • ABB Ltd, in a release to the exchanges after market hours on Monday, announced that it will sell its power grid business to Japanese conglomerate Hitachi for a consideration of ~$7bn.
  • According to the details of the deal, ABB will sell 80.1% of the division with total enterprise value, including net debt, of $11bn. Read more

Tata Steel, Thyssenkrupp appoint Goss as CEO for planned JV

Published on: 8:56 am

  • Tata Steel in its filing to the exchanges informed that the company with Thyssenkrupp has appointed Andreas Goss, currently Chief Executive Officer (CEO) of Thyssenkrupp's Steel division, as future Chief Executive Officer of the planned Joint Venture- Thyssenkrupp Tata Steel B.V. The announcement was made after market hours on Monday.
  • Tata Steel and Thyssenkrupp have signed an agreement in June 2018 to combine their European steel businesses in a 50-50 Joint Venture. Read more

Madhya Pradesh CM Kamal Nath announces farm loan waiver

Published on: 8:27 am

  • Madhya Pradesh chief minister, Kamal Nath signed off on a massive farm loan waiver promised by the Congress during its poll campaign, according to media reports.
  • The loan waiver in MP is expected to cost the state exchequer around Rs35,000-38,000cr and benefit close to 34 lakh farmers, report said.
  • The Congress announced that farmers who had taken short-term loans up to Rs2 lakh before March 3, 2018, will benefit from the loan waiver, report added. Read more

Current FII Data

Published on: 8:10 am

FII/DII Data: In yesterday’s trading session, FIIs sold 60cr stock in the cash market, whereas DIIs sold 76cr worth of stock. In the derivative market, FIIs sold 319cr of Index futures and bought 21cr worth of Index options. In the Stock futures segment, FIIs bought 6cr worth of stock futures and bought 45cr stock options.

FII View: FIIs created bearish positions in Index Futures in yesterday’s trading session, which is deduced by the fact that they created 6146 net short contracts in the segment. The long-short ratio in Index Futures currently stands at 0.9x since the start of the December series.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 171 1 23 0.9 0.9
Index Short 191 4 44
Index Call Long 244 0 27 2.4 0.8
Index Call Short 102 (2) 60
Index Put Long 370 2 47 2.3 0.9
Index Put Short 162 7 61

Bulk deal

Published on: 8:09 am

  • DRS Dilip Roadlines: Babulal Vadilal Shah sold 94,400 shares of the company at Rs 75.5 per share on the NSE.
  • Godha Cabcon Insulat: Mark Corporate Adviosrs sold 72,000 shares of the company at Rs 30 per share on the NSE.
  • Manaksia Steels: Payal Agrawal bought 3,38,715 shares of the company at Rs 26.91 per share on the NSE.
  • BC Power Controls: Deepen Bharat Shah bought 3,00,000 shares of the company at Rs 28.71 per share on the BSE.

Top stocks in focus: Tata Steel, Graphite India, NMDC, Bombay Dyeing

Published on: 8:00 am

  • Graphite India stock in focus today. Karnataka State Pollution Control Board renewed the consent to operate for graphite electrode plant in Bengaluru for a period up to June 30, 2020 only with the condition to shift the unit from the existing location.
  • Tata Steel and Thyssenkrupp AG’s European joint venture will be headed by the latter’s steel division chief Andreas Goss, who will also chair the management board. Read more. 

SGX Nifty indicates flat opening for markets amid selloff in global equities

Published on: 7:55 am

  • SGX Nifty is at 10888, down 25 points.
  • For today, we expect cautious start as the US markets seen another big sell-off, however investors would await Federal Reserve stance on Wednesday to decide the trend going forward. Read more. 

Broker Radar for December 18

Published on: 7:55 am

Nomura maintained 'Buy' on Container Corp for TP of Rs800
  • Indian Railways cuts haulage charge for empty containers and wagons by 25%.
  • Bigger benefit to come from market share gains as the move could boost rail volumes.
  • ConCor to see early benefits from Q4; Further recent price hikes to compensate rise in cost. Read more. 

What not to miss today

Published on: 7:49 am

  • Markets to open flat following sell-off in global equities.
  • Nifty support @10750, resistance 10940.
  • FIIs sold 60cr equities (cash), 319cr in Index Futures.
  • S&P 500 Index plunges to its lowest close in 14 months; Asian stocks down. Read more.

Derivative Watch

Published on: 7:46 am

  • Bank Nifty continued to add long positions in the December series as open interest climbed.
  • An unwinding of the Short gamma positions in Nifty ITM and OTM call option strikes was seen as the index moved higher. Nifty 11,000CE saw maximum unwinding of ~4lkh shares, indicating a continued up-move in the index upto the 11,000-mark.
  • BEML and Cummins added fresh long positions.

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